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The company’s offering of 4 million shares at $C1.60 each is scheduled to close on or about August 8.
President and CEO Peter Lynch said the funds would be principally applied to Waratah’s Galilee Basin thermal coal project as well as for working capital purposes.
“Waratah is defining a large thermal coal project in Queensland’s Galilee Basin. We intend to release a resource statement in the near future following completion of the current drilling program and assessment of the results,” Lynch said.
“Waratah is focused on the ultimate development of a large export coal project and this raising will expedite the process.”
For a detailed look at Waratah Coal’s big plans for the Galilee Basin project, check out the September edition of Australian Longwall Magazine.
